For the third quarter of fiscal 2014, Johnson Controls, Inc., a global multi-industrial company, reported net income from continuing operations of $238 million, or $0.35 per share, on $10.8 billion in revenues.
Third quarter diluted earnings per share from continuing operations and excluding restructuring and non-recurring items was $0.84, up 17 percent versus $0.72 last year. As a result of the previously announced sale of its Automotive Electronics business, the company has classified Electronics results as discontinued operations and prior year financial statements have been revised accordingly.
Excluding restructuring and non-recurring items in the third quarter, continuing operations highlights include:
-Net revenues of $10.8 billion versus $10.5 billion in Q3 2013, up 3 percent
-Income from business segment operations of $794 million compared with $690 million a year ago, up 15 percent
-Diluted earnings per share of $0.84 versus $0.72 in the same quarter last year, up 17 percent
Non-recurring items that impacted reported third quarter earnings from continuing operations include:
2014 third quarter (primarily related to business portfolio changes)
-Pre-tax restructuring charges of $162 million primarily related to the Automotive
Interiors business ($151 million after-tax)
-Pre-tax losses from divested businesses and other transaction-related costs of $140 million ($174 million after-tax)
2013 third quarter
-$140 million in non-recurring tax benefits
-Pre-tax restructuring charges of $143 million ($104 million after-tax)
"Our performance was consistent with the expectations we disclosed in our second quarter earnings call, with strong overall performance by our automotive and power businesses and margin improvement in Building Efficiency," said Alex Molinaroli, Johnson Controls chairman and chief executive officer. "The overall non-residential HVAC markets remain challenged, but we are starting to see some increased demand in certain vertical markets. While orders are still lower than last year, the institutional building sector started showing some improvement as we exited the quarter."
